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(CEP News) - The Canadian dollar got a boost from crude oil, natural gas and an unexpectedly strong report from Canadian manufacturers on Tuesday. The loonie is up more than a cent and is trading just shy of parity with the U.S. dollar.
The Canadian dollar hasn't closed above parity since March 18, but is currently trading up 0.0118 to 0.9994. "The Canadian dollar really took off after oil hit new highs," said Matthew Strauss, currency strategist at RBC Capital Markets. "During the last month, oil as a driver of the Canadian dollar has become very important; which wasn't the case at the end of last year." Oil hit a record high $122.73 at 12:22 p.m. EDT. Natural gas futures also traded at a 28-month high of $11.364/mmbtu. Strauss said a break above technical resistance at 1.0009 could spark a two-cent rally in the loonie. The Canadian dollar is up 0.97 to 104.54 against the yen. The pound is down 0.0203 to 1.9766 and the euro is down 0.0136 to 1.5553 against the CAD - its lowest level since March 19. By Adam Button,
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, edited by Nancy Girgis,
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